HG Ventures
Growth equityIndianapolis · Pre-Seed–Growth · 11 people tracked
Investment thesis
HG Ventures targets early to growth stage companies commercializing advanced materials and systems in transportation, infrastructure, environmental services, and specialty chemicals. The firm leverages The Heritage Group's permanent capital base, operational expertise, manufacturing capabilities, supply chain networks, and customer relationships to support long-term value creation. The firm typically invests between $1-10 million and takes board seats when appropriate, with a focus on companies applying advanced technologies and novel business models to drive market change.
Source: firm website, verified Aug 6, 2026.
Team · 11 people
from the firm's website & public directories
What they invest in
from 39 of 42 portfolio companiesCleantech ×23Climate Tech ×13New Materials ×13Advanced Manufacturing ×12Circular Economy ×11Energy ×8SaaS ×8AI & Machine Learning ×7
HQs:United States×22Germany×2Canada×1United Kingdom×1India×1Luxembourg×1
Investments · 42 tracked
founders shown can be your intro pathBy year:2023 · 12022 · 12019 · 12014 · 14 dated
120Water builds compliance management software for water utilities and state agencies to help them manage drinking water regulations and protect public health.
Climate TechData & InfrastructureGovTechSaaSZionsville, US
Megan Glover(Executive Officer)Megan Casey Glover(Founder)in
Co-investorsAllos VenturesEdison PartnersElevate VenturesRevolutionRise of the Rest Seed
6K uses microwave plasma technology (Unimelt) to produce engineered materials, including battery cathode materials and metal powders for additive manufacturing, with an emphasis on sustainable processes.
Advanced ManufacturingCleantechEnergyNew Materials
Co-investorsEnergy Impact PartnersIn-Q-TelMaterial Impact
Electrochemical water purifier using patent-pending technology to remove contaminants including PFOA.
Mansfield, US
Julie Bliss Mullen(Executive Officer, Director)Leanne Hersey(Founder)inPamela Lynch(Executive Officer)Orren Schneider(Executive Officer)
BoardJiten Manglani(Director)Tom Ferguson(Director)in
Co-investorsDCVC (Data Collective)Echo River CapitalMassVenturesThe Alchemy FundBURNT ISLAND VENTURES
Aclarity makes the Octa System, an electrochemical oxidation technology that destroys PFAS "forever chemicals" on-site by breaking carbon-fluorine bonds.
CleantechClimate TechHardware
Co-investorsBURNT ISLAND VENTURESEcho River CapitalMaroon Venture Partners FundMassVentures
Ateios develops electrode manufacturing techniques designed to accelerate production speed, reduce carbon emissions, and decrease the physical footprint of battery manufacturing and gigafactories.
Advanced ManufacturingCleantechEnergyMedical DevicesNew MaterialsLa Jolla, US
Terry Taber(CTO)
Co-investorsCarat Venture PartnersCharmides CapitalElevate VenturesGood Growth CapitalTechstarsTitletownTech+2 more
Bind-X develops Terrabind, a biological dust control binder that binds soil particles to form a hard, durable surface layer for haul roads, tailings, and stockpiles, reducing dust and water use at mining sites.
BiotechCleantechNew Materials
Heinz Schwan(Managing Director, Bind-X International GmbH)
Biosynthetic Technologies manufactures biobased synthetic base oils called Estolides, derived from organic fatty acids in bio-derived oils, that serve as drop-in replacements for conventional lubricant base oils.
Advanced ManufacturingCircular EconomyCleantechNew MaterialsIrvine, US
Allen Barbieri(Executive Officer, Director)Steven Bierschenk(Director)
BoardBernhard Mohr(Director)Meghan Sharp(Director)Kent Wasson(Director)Steve Bierschenk(Director)
Bluefield Research provides water industry market research, data, and competitive analysis, covering topics such as municipal and industrial water infrastructure, utilities, policy, and mergers and acquisitions.
CleantechClimate TechData & Infrastructure
Circulor provides a supply chain traceability platform that tracks raw materials such as cobalt, lithium, nickel, and natural graphite, offering Digital Product/Battery Passport and Trust & Assurance solutions.
Circular EconomyEnterprise SoftwareSaaS
Co-investors24 HaymarketAster CapitalFuture Positive CapitalInMotion VenturesRegeneration.VCSystemiq Capital+2 more
Co-investorsSun Road Syndicate
David makes high-protein nutrition bars, including its Gold (28g protein) and Bronze (20g protein) bars marketed as low-calorie, zero-sugar options.
Direct to ConsumerFoodTechWellness & Fitness
Duality develops simulation software that models complex environmental scenarios and processes real-time sensor and machine data.
AI & Machine LearningDeep TechRoboticsSan Mateo, US
Apurva Shah(Founder)inMike Taylor(Founder)Michael Taylor(Founder)in
Co-investorsDorm RoomDrive CapitalIntel CapitalLemnos VC
Epogee develops EPG, a modified fat ingredient that reduces calorie absorption by around 92% while maintaining the taste and texture of traditional fat.
FoodTechNew Materials
Equispheres develops engineered aluminum and copper metal powders with precisely controlled characteristics and morphology, designed for high-volume metal additive manufacturing (3D printing) applications.
Advanced ManufacturingHardwareNew Materials
FREDsense builds portable, field-ready sensors and lab services to detect PFAS and other chemical contaminants in water, including an on-site PFAS field test kit and a 5-day PFAS lab analysis service.
CleantechClimate TechHardware
Co-investorsEmerald Technology Ventures AgForesightFundersClubInnovative Solutions Canada
Hyroad provides a trucking-as-a-service offering for long-haul freight, delivering hydrogen-powered class-8 trucks, fueling stations, and maintenance support through a pay-per-mile pricing model.
CleantechEnergyMobility & Transportation
INERATEC produces synthetic fuels and chemicals from CO₂ and renewable hydrogen using microstructure technology, offering e-SAF, e-diesel, and other drop-in ready fuels and chemical products for energy and manufacturing industries.
CleantechClimate TechEnergyNot stated on page, DE
Tim Boeltken(Founder)inPfeifer Peter(Founder)in
Co-investorsEmerald Technology Ventures AgENGIE New VenturesPiva CapitalWIND VenturesExtantia CapitalPETRONAS Ventures
Material Evolution develops low-carbon cement using a proprietary Alkali Fusion process that produces a clinker-like material at ambient temperatures from industrial byproducts, wastes, and natural materials.
Circular EconomyCleantechNew Materials
Co-investorsAt One VenturesKOMPAS VCPlayfair Capital
MITO Material Solutions develops patented hybrid additive technology that enhances fiber-reinforced composites and thermoplastics by functionalizing materials like graphene oxide and biomaterials, serving the manufacturing industry.
Advanced ManufacturingCleantechClimate TechDeep TechNew MaterialsStillwater, US
Haley Marie Keith(Executive Officer, Director)Kevin Keith(Director)Steve Hulme(Director)
BoardMahdi Ghazizadeh(Director)Richard J. Diemer, Jr.(Director)Joel Neale(Director)
Co-investorsCitrine AngelsCortado VenturesElevate VenturesEvergreen Climate InnovationsHouston Angel NetworkMichigan Capital Network+2 more
Molg develops autonomous microfactories using advanced robotics to disassemble electronics and recover valuable components for reuse and remanufacturing, addressing e-waste through circular manufacturing practices.
Advanced ManufacturingAI & Machine LearningCircular EconomyClimate TechHardwareRoboticsWashington, US
Mark Lyons(Executive Officer, Director)Robert Lawson-Shanks(Executive Officer, Director)Alyssa Bryan(Director)
Co-investorsEarthshot VenturesTechFoundersTechstarsPlug and Play Ventures
OnStation provides digital stationing software for road construction crews, replacing physical survey stakes and paper field logs with location and documentation tools accessible on mobile devices.
AI & Machine LearningConstruction TechSaaSCleveland, US
Co-investorsJobsOhio VenturesJumpstart VenturesTechstars
P2 Science develops green chemistry platform technologies (including its PIOz ozonolysis and PICE polymerization processes) that convert renewable, plant-based oils into functional intermediates, specialty ingredients, and polymers.
BiotechCircular EconomyCleantechNew MaterialsWoodbridge, US
Paul Anastas(Co-founder)Patrick Foley(Co-founder & President)Neil A. Burns(Executive Officer, Director)Oihana Elizalde(Chief Executive Officer)Brian Chan(Chief Financial Officer)Kevin Gallagher(Director)
Co-investorsXeraya CapitalCircular Innovation FundConnecticut InnovationsEmerald Technology Ventures AgCycle CapitalSofinnova Partners
PinPoint Analytics provides an AI-driven bid pricing platform built on a database of U.S. public works bids, helping civil contractors, general contractors, and engineering firms estimate competitive bid ranges before bid day.
AI & Machine LearningConstruction TechData & Infrastructure
Co-investorsMetaPropMetaProp Ventures
ElectraMet builds electrochemical wastewater treatment systems for metal recovery, oxidant abatement, and acid reuse, serving industrial customers in sectors such as mining and microelectronics.
Circular EconomyCleantechNew MaterialsLexington, US
CAMERON LIPPERT(Executive Officer, Director)Keith Jacobs(Executive Officer, Director)James Landon(Executive Officer, Director)ANDERS HALLSBY(Director)
BoardChristopher Young(Director)Ginger Rothrock(Director)in
Co-investorsBluegrass Angel VentureCarnrite VenturesEvergreen Climate Innovations
Pretred manufactures products from waste tires and plastics with a focus on environmental sustainability.
Advanced ManufacturingCircular EconomyCleantechEnergyAurora, US
Eric Davis(CEO)Rob Volkert(COO)Michelle E. Davis(Executive Officer)Michael D. Corrigan(Executive Officer)Brad O'Neil(Director)
BoardGinger Rothrock(Director)in
Co-investorsTechstarsDenver Ventures
Puraffinity develops adsorbent media engineered for the removal of PFAS from water, offered as bulk media, pre-filled vessels, or full treatment services.
CleantechClimate TechNew MaterialsLondon, GB
Co-investorsExtantia CapitalKindred CapitalOctopus VenturesUniversal Materials IncubatorVerve Ventures
R3 Robotics builds automated systems for disassembling and dismantling electric vehicle batteries and complete EV systems, including e-drives and power electronics, at industrial scale.
Circular EconomyCleantechRoboticsLuxembourg, LU
Antoine Welter(Founder)
Co-investorsBONVENTURE
Renewal Mill is a food and ingredients company that makes six upcycled ingredients across protein, flour, and fiber, along with baking mixes, by repurposing byproducts from food production such as juice pulp.
Circular EconomyClimate TechConsumerFoodTechOakland, US
Claire Schlemme(Executive Officer, Director)Caroline Cotto(Cofounder)
Co-investorsBread And Butter Ventures, LlcECP GrowthPurple Sage VenturesTechstars
Simplify manufactures fabric and soft goods using proprietary bio-based materials and additive manufacturing techniques that eliminate traditional spinning, weaving, cutting, and sewing processes.
Advanced ManufacturingCircular EconomyCleantechClimate TechNew MaterialsNew York City, US
Co-investorsAt One VenturesJetstreamJuniperTechFoundersTechstarsThe W Fund+5 more
SOLARCYCLE provides recycling services for solar farm components including solar panels, inverters, transformers, cables, and other power electronics, diverting waste from landfills and recovering metals such as silver, copper, gold, and lead.
Circular EconomyCleantechEnergyMesa, US
Suvi Sharma(Co-founder)Jesse Simons(Co-founder)Pablo Ribeiro Dias(Co-founder)Theodore Herhold(Executive Officer)Pablo Diaz(Executive Officer, Director)
Co-investorsUrban InnovationVery Serious VenturesClosed Loop PartnersFifth Wall
Titan is an energy storage technology company developing R&D-driven solutions aimed at changing patterns of energy storage and use.
Advanced ManufacturingAI & Machine LearningCleantechDeep TechEnergySalem, US
Co-investorsSE Ventures
Transcend develops the Transcend Design Generator (TDG), generative design software that uses rules-based automation to produce engineering-grade design packages—3D models, drawings, and documentation—for water, power, and wastewater infrastructure projects.
CleantechConstruction TechSaaSPrinceton Junction, US
Adam Tank(Founder)
Co-investorsChartline Capital PartnersPureTerra VenturesNational Grid Partners
Valerann builds Lanternn, an AI platform for road and motorway operators that fuses data from infrastructure sensors, cameras, connected vehicles, and navigation apps to detect and manage incidents and traffic in real time.
AI & Machine LearningMobility & TransportationSaaS
Co-investors2B.VC
Advanced ManufacturingCleantechGolden, US
Andrew Maxey(Executive Officer, Director)Aaron Parker(Executive Officer)Daniel Flagg(Executive Officer)Sean Kline(Executive Officer)Shari Kennett(Director)J. Scott Pusey(Executive Officer)
Co-investorsAutodesk FoundationBeyond CapitalCircular Innovation FundDiamond Edge VenturesNew Climate VenturesRockies Venture Club+6 more
Voxel offers an industrial intelligence platform that applies AI computer vision to existing IP camera infrastructure to detect safety and operational risks—such as ergonomics, PPE, vehicles, and equipment issues—and turn them into assigned, trackable actions.
Advanced ManufacturingAI & Machine LearningEnterprise SoftwareSan Francisco, US
Tilia Gode(Founder)Troy Carlson(Founder)
Co-investorsMTECH CAPITAL
Wildnote provides an environmental consulting platform that automates manual compliance processes for environmental professionals including scientists, consultants, and regulators.
AgTechClimate TechEnterprise SoftwareGovTechSaaSSan Luis Obispo, US
Kristen Hazard(Founder and CEO)
Co-investorsEntrada VenturesTechstars
ZwitterCo develops zwitterionic membrane technology for industrial and agricultural water treatment and reuse, targeting streams with high organic content that cause fouling in conventional membranes.
Advanced ManufacturingAgTechCleantechClimate TechNew MaterialsCambridge, US
Alex Rappaport(Co-Founder & CEO)in
BoardStephen Remondi(Director)
Co-investorsBantam GroupBURNT ISLAND VENTURESDCVC (Data Collective)Genoa VenturesMunich Re Ventures
Portfolio news
latest coverage across their companiesP2 Science, Inc · prnewswire.com · Jun 3, 2026
120Water · 120water.com · Feb 24, 2026
Wildnote · axios.com · Feb 17, 2026
Duality · finsmes.com · Nov 14, 2025
Frequently asked questions
- How many investments has HG Ventures made?
- HG Ventures has 42 tracked investments.
- What stage does HG Ventures invest at?
- HG Ventures invests at the Pre-Seed, Seed, Series A, Series B, Series C, Growth stages.
- What is HG Ventures's typical check size?
- HG Ventures typically writes checks of $1M – $10M.
- What sectors does HG Ventures focus on?
- HG Ventures focuses on Advanced Manufacturing, Cleantech, Construction Tech, New Materials.
- Where is HG Ventures located?
- HG Ventures is headquartered in Indianapolis, US.
- Does HG Ventures lead rounds?
- Yes, HG Ventures leads investment rounds.
- Who does HG Ventures co-invest with?
- HG Ventures most often shares deals with Techstars, Elevate Ventures, Emerald Technology Ventures Ag, among 85 tracked co-investors.
Images
Co-investors · 1
Entrepreneur First (EF) is a talent investor that helps individuals build and launch startups, providing support such as US visa guidance, office space, fundraising preparation, and investor introductions culminating in a San Francisco Demo Day.
Firms observed investing alongside HG Ventures, from public investor directories. Shared companies are the overlap with HG Ventures's recorded portfolio.
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